New investment trust plots £100m IPO in boost for London
A new investment trust has revealed plans for a £100m float on the London Stock Exchange today in a boost to the capital’s markets after a barren start to the year.
Ashoka WhiteOak Emerging Markets Trust announced this morning that it would list a new investment vehicle that to back quoted firms that provide exposure to global emerging markets.
In a statement, Prashant Khemka, founder of the firm’s investment adviser White Oak Capital Partners, said he was “excited by the prospect of listing AWEM on the London Stock Exchange”.
“This easily accessible vehicle will provide investors exposure to Emerging Markets and the opportunity to generate significant alpha through exposure to a portfolio of great companies at relatively attractive valuations,” he said.
“Our well-resourced investment team has the credentials and expertise that place us in a unique position to achieve strong capital growth for shareholders. We look forward to building a new listed entity in London.”
The firm said it intends to issue 100m ordinary shares at £1 a piece and would publish its its investment prospectus next week.
White Oak is an emerging markets specialist and manages $5.5bn in assets. The investment trust will be its second after the launch of Ashoka India Equity Investment Trust.
The news will also deliver a boost to the City after a barren period in which London’s markets have been starved of IPOs.
London managed only five IPOs in the first quarter of 2023, raising just £81m.
The main market saw only two IPOs, from Dar Global and Streaks Gaming. The two IPOs raised a combined £63m, with £60m of that coming from luxury real estate firm Dar Global, according to big four firm EY.